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LETS GET DOWN TO BUSINESS.

Question :
I run a made to measure formalwear business – suits, formal shoes, shirts etc.Our primary market are weddings and corporates. At this stage weddings have been canceled or postponed more often than not, an entire year. Corporates are working from home in the majority of cases. Current target market aren’t necessarily interested in buying our current product range, and although our suits are extremely affordable for made to measure from $590. It’s not a product like a coffee which is easy to pre purchase. We’ve decided to expand into things like sweaters, track suits, things people are wearing, and reselling to customers who’ve bought our other products from us in the past/new customers through Facebook ads. But there’s nothing innovative about these, we aren’t a stereotypical fashion brand that releases seasonal stuff. Unsure if there is anything else we can do or if this is even the right strategy to have cashflow to cover the next 6-8 months till we can start taking deposits for coming weddings/corporates come back/are still willing to spend?

Question submitted 17/04/20 @ 09:23pm
Industry: Fashion
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  • Hi there
    Well done on pivoting so quickly to adress cashflow. Focussing on your corporate repeat business, could you offer a zoom wardrobe style edit? With lots of time at home, many may be clearing out the clutter but also looking to do more with less.
    How can you help them go through what they have and recommend investment pieces? This could be a great research tool for you. Could you then talk them through the measure-up process?

    I would think shirts could be a good focus. We can’t underestimate the boost a good new shirt can give and some may be wanting to make a few purchases to give them the edge in zoom meetings. Could you run a campaign around this?

    Love the idea of shirts for men in the zoom environment,
    As believe me we have so many meetings this way and you could create a fun social campaign around this.
    Not so sure as to leisure gear as its not what you are known for
    and there are so many players in this market and a diversity of price level.
    Awesome that you are thinking of other opportunities though.
    There are so many events going on a Zoom, my daughter attended a hens night on zoom last Saturday
    and she dressed and made up for this as if she was attending the event physically. There will
    be opportunity in this space as well, it simply needs to be promoted differently at your end
    I would be more inclined to look at what you do well
    and are known for, find the pain points and your respective match in the COVID-19 space

    You are right Annah, sticking to your knitting is wise where possible.

    It could also be worth doing a bit of scenario planning. For example, if we return to Level 2 by X date, or if there is a flare up again etc. Which services/products can adapt to the changes?

    I understand that in Level 3, weddings of 10 people can take place. It could be worth celebrating this in your content…this could be the new norm for some time. How can you help people buy into the romance of an intimate wedding?

    Could you offer a discount to couples who have had their weddings cancelled? Could you run a giveaway to dress a couple who want to get married in level 3? This could make a lovely news story!

    As Annah says, keep looking at the pain points.

    All the very best.

    As a woman with a big bust, if you can create shirts that don’t make me look huge, and look good on zoom, you have a new client. The most comfortable shirt I ever had was knit on the body and shirt fabric on the collar and cuffs. I imagine that knit would get around some of the fit problems you might otherwise experience shopping online.

    I can see made to measure working well in this space because most fashion stores only do common sizes. Also plus sizes too. I am not a plus size but this is also an underserved market.

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